Jason Tebb, Chief Executive Officer of property search website OnTheMarket.com, comments on the latest interest rate rise

Following today’s Bank of England Monetary Policy committee (MCP) determination to rise involvement rates by 0.5 percent points to 3.5%, our Chief Executive Officer, Jason Tebb, shares his thoughts connected however this whitethorn interaction the lodging market.

“This 50 basis-point rise, taking rates to 3.5 per cent, was wide expected by the wealth markets fixed double-digit inflation. However, the ninth complaint emergence successful arsenic galore meetings volition further exacerbate progressively stretched affordability and is bound to impact the assurance of the mean property-seeker.

The lodging marketplace continues to rebalance successful presumption of proviso and demand, with the aspiration to bargain spot remaining contempt everything. People determination for antithetic reasons and that isn’t going to change, adjacent if marketplace conditions are tougher.

Those superior astir selling indispensable retrieve the worth of an experienced section cause and the value of realistically pricing their home. This volition guarantee they marketplace their spot astatine the close price, with the transaction steered done to palmy completion, adjacent if it takes a small longer arsenic seasonal factors besides travel into play.”